Imagine you would want to buy your dream property. Undoubtedly, the risk and the task involved is tedious. This very fact would now pull down your morale and leave you exhausted. This is where ‘FAIRPOCKETS” comes to your rescue. Fairpockers is a SAAS-enabled Builder Broker Mobile marketplace with Lead Exchange Platform. As a buyer, your main objective is to get a fair price and associate only with fair trusted builders. Your dreams rest in the hard-earned money you would have saved to secure a home. Fairpockets is a concept that originated not only to provide fair-priced properties but also to allow trusted builders to list their properties on their websites. To tackle the primary problem which is, that anybody can list or advertise properties at any price they want. They run on a simple theoretical concept of “Fair Price” which is a price between market price and the lowest price for a particular property, assuming both buyer and seller are aware of the market scenario. Regardless of if you are a buyer or a seller, this company caters you will all your property needs.
The founder, Ritesh Anand, has been running a bootstrapped company for the last 4 years. And this is his story. Through ups and downs, these are his 5 business learnings portrayed for the young. As a founder, you will face many challenges. From fixing the business model to managing costs properly to managing people to product development, the list is endless. Therefore, you should eventually develop the ability to learn rapidly and on a continuous basis. Even if you make a mistake the first time, you will still have time to correct them. You can work on minimizing the price that you would have to pay for mistakes later and improve your rung of success. Coming to personal finance, one of the certainties of starting a business is uncertainty. Chances are that you will not be able to execute your plan and in that case, you will have to adapt to changes that will cost money and time. So, you will require a backup plan as far as finance is concerned. And if you are running short of money, you will find it difficult to execute your plan. So, before starting a business make sure you have enough to run this marathon. Ideally 2-3 years of the fund or some regular income to support the bootstrapped model of a start-up. You should also have a frugal approach in every expense of yours. Thirdly, The Address pain. While working on your business, make sure you identify the compelling stress area that needs attention. Once you are convinced with the required information, try to build a solution. Reach out to the market with a minimum viable product for customer feedback. Remember, you are not developing a feature but solving real-life customer problems. Your solution will go through multiple iterations before you find the right Product-market fit. Once you figure this out, then you can expect the desired sales. Always listen to customers. As a pioneer, always talk to your customers or attend sales meetings. Find ways for customers to use the product at an early stage. Either cater to no cost or minimal cost. They serve as your critical product manager and will help you develop the product further. Most likely, the features recommended by one set of customers will be welcomed by the others in the industry. Concentrate on the speed of hiring. In a start-up, you will need people of different skill sets. If you are a bootstrapped firm chances are that you may not have enough funds to hire full-time employees. Hence, you should have full control over how to hire quality freelancers at a reasonable cost and quick speed. Even full-time employees may leave for the want of money or just because they would want to work with large firms, so even for full-time employees, you should be able to get quick replacements. There are various job portals such as freelance websites, LinkedIn or even references for that matter. The rest lies in your hands.
Established in Noida, Fairpockets was started almost 3 years ago and has been able to develop a very unique product. Essentially they are on their clan to address the builders and brokers in the real estate industry. Their product consists of 3 components namely, SAAS, Marketplace, and Lead Exchange platform. SAAS basically includes a price calculator for builder projects, Inventory management, and a Lead management system for builders and brokers. Marketplace allows builders to list their projects and any broker can connect with them and join as a channel partner. Once the connection is done, the brokers can access the price list, brochure, images, etc. instantly and can sell the property. Lead Exchange Platform allows the builders and brokers to exchange their waste leads with fresh leads from their lead search. Their product is available on both web and mobile platforms. The company is at an early revenue and has catered to some large clients in Delhi NCR. They are currently bootstrapped but now they intend to raise funds and expand Pan India as their product is now ready to deliver to their clients on a larger basis. This proves that unless you have the potential to introduce new concepts to the cosmopolitan market, your start-up will still remain incomplete.